Mumbai EOW Probes Alleged ₹218 Crore Fraud Over Mortgaged Unimark India Properties

Mumbai: The Mumbai Economic Offences Wing (EOW) has taken up the investigation into an alleged ₹218 crore fraud involving the sale and creation of third-party rights over properties that had been mortgaged as security against a loan taken by Unimark India Ltd from the Industrial Finance Corporation of India (IFCI).

The complaint has been filed by Bridgemohan Pyarelal Rathi, 61, a businessman and director of New Era Advisors Pvt. Ltd. According to the FIR, Complainant's company had purchased the outstanding IFCI loan of Unimark India Ltd for ₹9.54 crore through a Deed of Assignment executed in 2009.

Loan Secured Against Thane MIDC Properties

According to the FIR, Unimark India Ltd, formerly known as Herdillia Unimark Ltd, had borrowed money from IFCI for setting up a chemical plant and other business activities. As of July 1, 2008, the principal outstanding was reportedly ₹9.69 crore, while accumulated interest stood at ₹76.86 crore, taking the total outstanding amount to approximately ₹86.55 crore.

The loan was secured against the company's movable and immovable properties, including approximately 1,52,419 square metres of land at Bhonsari, Kukashet and Shiravane in the Trans-Thane Creek Industrial Area, MIDC, Thane, along with the company's plant, buildings, machinery and other assets.

Alleged Sale Despite Restrictions On Third-Party Rights

Rathi has alleged that despite the properties being mortgaged and court orders restricting the creation of third-party rights, Unimark India Ltd and its directors/promoters allegedly entered into an Agreement for Assignment with Raheja District 3 Pvt. Ltd. (Raheja Infocity Pvt. Ltd.) in 2008 for the said property for approximately ₹184.29 crore.

According to the FIR, Unimark's balance sheet showed that it received around ₹29.62 crore from the transaction. The complainant has alleged that the money was subsequently used by the company's promoters towards their unsecured liabilities and repayment of promoter share capital.

Machinery Missing From Property, Complainant Alleges

Rathi said that when he visited the property in February 2026, he allegedly found that the company was no longer operating there and that its plant and machinery were missing. Security personnel at the site reportedly told him that they had no information about the whereabouts of the machinery.

The complaint names Unimark India Ltd, its directors/promoters G.P. Goenka, Shrivardhan Goenka and Satya Prakash Gupta, Raheja District 3 Pvt. Ltd., Ashish Suresh Raheja and others as accused.

The case was initially registered at Oshiwara Police Station and has subsequently been taken up by the Mumbai EOW for further investigation.

Investigators are examining the alleged property transaction, the flow of funds, the role of the directors and promoters, and whether other individuals or entities were involved in creating third-party rights over the mortgaged property.

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